SolGold reports significant progress at Cascabel gold mine

AIM-listed gold exploration company SolGold has made significant progress in defining additional soil gold-copper anomalies at its Cascabel mine in Ecuador, an update published by the company on Thursday indicated.

Exploration of the mine, which is a joint venture between SolGold and TSXV-listed Cornerstone Capital Resources, revealed defined additional gold, copper and molybdenum anomalies along with supporting elements.

The company update stated: "It is considered significant that extensive areas of gold, copper and molybdenum anomalis have been defined, and that these anomalous areas are open in most directions."

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

The company said that further soil sampling continued to deliver "very encouraging results". Trench sampling confirmed "outcropping gold-copper mineralisation" and rock alteration mapping also delivered "very encouraging results". Progress with components of the drill permitting process were also reported.

Malcolm Norris, Chief Executive Officer of SolGold commented: "These results are very encouraging. They give us high confidence that the T1 target area is a very worthy drill target exhibiting coincident soil geochemical anomalies in gold, copper and molybdenum, geophysical targets, outcropping porphyry mineralisation, and now supporting alteration mapping. To see the datasets aligning strengthens the target areas and with this our confidence grows."

MF